Base rate is unlikely to be raised, says moneysupermarket.com

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Base rate is unlikely to be raised, says moneysupermarket.com

It is unlikely that the Bank of England will decide to raise the base rate in the future due to a fall in inflation, according to a spokesperson for moneysupermarket.com.

Kevin Mountford, head of banking at the organisation, made his comments after the Bank revealed the consumer price index fell to 3.4 per cent from 3.7 per cent in May.

He suggested this situation means it is unlikely the institution will raise the base rate above its current 0.5 per cent level for the foreseeable future.

"With low interest rates and rising prices, it is difficult for savers to keep a track of their finances to make sure they are getting the best return on their money," noted Mr Mountford.

A new savings channel was recently launched by moneysupermarket.com, which allows consumers to compare the features of more than 2,200 different accounts, in order to find the one that offers them the best return.

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